https://www.taxtmi.com/caselaws?id=2587 Where imported replacement parts were supplied under an exchange-based long-term arrangement and the invoice price reflected only an incremental value, the declared price was not accepted as the correct transaction value and re-determination under the residual valuation method was upheld, along with differential duty and the larger limitation period. At the same time, exemption under Notification No. 21/2002-Cus. for goods used in renovation or modernisation of a power generation plant was allowed because the competent authorities had approved the scheme and certified the parts as required for the plant; the notification was construed purposively rather than hypertechnically, resulting in deletion of the personal penalty. en-us Fri, 03 Aug 2007 00:00:00 +0530 Wed, 16 Apr 2008 09:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2587 Where imported replacement parts were supplied under an exchange-based long-term arrangement and the invoice price reflected only an incremental value, the declared price was not accepted as the correct transaction value and re-determination under the residual valuation method was upheld, along with differential duty and the larger limitation period. At the same time, exemption under Notification No. 21/2002-Cus. for goods used in renovation or modernisation of a power generation plant was allowed because the competent authorities had approved the scheme and certified the parts as required for the plant; the notification was construed purposively rather than hypertechnically, resulting in deletion of the personal penalty. Case-Laws Customs Fri, 03 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2587